Peripheral serum cortisol levels were measured throughout gestation in 5 intact pregnant rhesus monkeys (Macaca mulatta) and 3 hypophysectomized-fetectomized monkeys, leaving the placentas in situ and viable. Hypophysectomy at 70 to 73 days after fertilization caused a marked decline (p less than 0.01) in serum cortisol concentrations to about 1/2 the preoperative level. These monkeys were fetectomized at 107 to 114 days without further reduction in circulating cortisol levels. In hypophysectomized-fetectomized monkeys, either surgical removal of the placentas near term or abortion was followed by a rapid decrease in peripheral cortisol to undetectable concentrations. Their cortisol levels were 5 to 12 times higher in left adrenal venous effluent than in peripheral circulation on the day of placental delivery. The presence of a viable placenta protected against the extensive adrenocortical involution seen in nonpregnant hypophysectomized monkeys (p less than 0.01). Fetectomy, alone or in combination with hypophysectomy, did not alter left adrenal gland weights from those of intact pregnant monkeys. Thus, continued cortisol secretion and maintenance of adrenal weight in hypophysectomized-fetectomized monkeys, in the presence of a functional placenta, supports the existence of a placental adrenocorticotropin in this primate.